Crain’s New York Business has published an op-ed by FJC CEO Sam Marks and JoAnne Page, the president and CEO of The Fortune Society. The piece, titled “How Creative Funding Can Help Kickstart Complex Capital Projects,” describes a unique partnership between a leading nonprofit serving people coming out of incarceration and a foundation sponsor of donor advised funds (DAFs).
Through the initiative, FJC has arranged a fund that will empower The Fortune Society to scale its housing development work. See our FAQ document for more information.
From the op-ed:
The Fortune Society, a leading supportive housing provider, and FJC – A Foundation of Philanthropic Funds, recently launched a revolving loan fund that will provide desperately needed working capital to kickstart supportive housing projects.
The fund’s low-interest loans are capitalized by contributions from FJC’s donor-advised fund holders and matched by additional resources from the Fortune Society. The loans will allow the nonprofit Fortune to significantly expand its supportive housing portfolio over the next five years.
Most donors are not thinking about using their philanthropic dollars this way. But imagine the possibilities if philanthropic leaders who think and act in business terms were to partner closely with nonprofits. They could help identify and fill common gaps that nonprofits face. Donors would see a bigger impact from their giving, and entrepreneurial nonprofits could take on more ambitious projects to solve our most challenging problems.
Read the full article here.